Deadline to Pay Taxes Extended For Most

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Deadline to Pay Taxes Extended for Most

As part of the federal government’s response to the coronavirus, Treasury Secretary Steven Mnuchin just announced an extension of the U.S. tax filing and payment deadlines. The IRS has extended the filing deadline, and will waive interest and penalty charges, for 90 days — until July 15th. The payment extension allows Americans to defer up to $1 million of tax liability and allows corporations to defer up to $10 million.

The extensions benefit those that owe taxes. If you are owed a refund, Secretary Mnuchin suggests that those who can file before April 15th do so. A tax refund could help alleviate some of the financial burden brought on by the coronavirus. The IRS is still processing tax returns and paying out refunds at this time.

If you would like to discuss the federal tax payment and filing extensions or what responsibilities you, or your business, may have regarding state taxes, our attorneys at Loomis, Ewert, Parsley, Davis & Gotting, P.C. are happy to help. Please contact J.V. Anderton, at jfanderton@loomislaw.com or call us at 517-482-2400.